Why do you always have to be so righteous? Just because you pay yours off monthly does not mean everybody does. Just like Bear said, some are circumstantials and some just over spent. Like it or not, this country has been living on credit for more than 25 years and average Americans have 5 or more credit cards in their pocket at any given moment.
Let's face it, the issuers are the ones created the situation, and it looks and smells like the sub prime fiasco to me. They issued credits to people borderline qualified, already under water, too young to know better because penalty charges for late payment makes up 10% of their profit. They want you to be in debt, they want you to be late. It is cha-chain to their ears. If you want to blame someone, blame the banks. People will always be allured to easy credit, disciplined or not.
I think this legislation is close to worthless because it still allows banks to charge whatever APR they want. So they fore go a little on the late charge but make it all up on the APR and more. One must wonder why this Administrations even allows such a lousy legislation to be written. With a 25% -30% APR, it will still take someone a very long time to pay it off a $1,000 balance, and hopeless for those poor souls who carry a $10,000 or more balance on their card. They will be working for the banks for a very long time.
I often wonder your intentions. I think you are one of those who has debt above your eyebrows, but still like to act as if you are a goodie-two-shoes that has a squeaky clean balance sheet. Get over with yourselves already.
It is hardly being righteous. It is called living within your means.
When you say the issuers created the fiasco, that is like saying forks make you fat and keyboards create spelling errors. Ridiculous. You sign a contract with a company that says "I will pay X interest rate if I am late." If you do not spend the money, then you do not have a balance.
You are right, I do have debt above my eyebrows. It is called a mortgage. I can't stand that bloody thing. I pay extra whenever I can. I also made sure that when we got it that it was a traditional fixed rate 30 year at $950 per month. Our plan is to pay it off 10 years early. We are half way there.
Why is it that you want to make excuses for people who make bad decisions? Why do you want to absolve people of their responsibility for their behaviour?
It is about the choices we make. I choose and so do many other people, to live within our means. We save, we drive a '98 E320 wagon and an '04 Saturn that we paid cash for USED. We live in a modest house with a reasonable mortgage. We don't go out to eat but maybe once or twice a month now.
People need to exercise self control. They are the ones who are responsible for their own money.